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Financial crisis deepens at the Bahria Town Karachi

The iconic project of real state, Bahria Town was plunged into darkness last night as the lights were plugged off due to the ongoing financial crisis. The situation has worsened as the inflow of the cash of the real state has been in control of the Supreme Court.

As being reported, over 45,000 employees of the Bahria Town feared to face delays in their salaries. Contractors are also not getting paid and various contracts worth millions of rupees have been cancelled.

Residents, builders and staff of Baharia Town are protesting against the decision of Supreme Court. They are asking SC for the restoration of the bank accounts and electricity of Bahria Town. The affectees are demonstrating protest at M9 highway. M9 is reported to be blocked in front of Bahria town entry gate.

The protesters demanded to restore electricity and accounts of Bahria Town and urged Chief Justice of Pakistan (CJP) Mian Saqib Nisar and Prime Minister (PM) Imran Khan to take notice.

Reports of panicking overseas investors, and cancelled contracts have been received from insiders at Bahria Town, who claim that the non-availability of funds due to diverted cash flow to satisfy Supreme Court directions have left the real estate giant unable to pay salaries.

Over 55 industries connected with the construction sector including a limitless number of cement, brick, tiles and wood factories are on the verge of collapse and are closing down.

Saman Siddiqui

Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.

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